COMMERCIAL.

Otago Daily Times, Issue 14899, 30 July 1910, Page 6

COMMERCIAL.

Daily Timer, Office, Friday evening, BREADSTUFFS.

Tho intonsa pressure of demand on spot wheat- in England con tin 11."?, with the .lcsult that tho most i-pn'yji l .position of the wheat market fc.r yonrs has occurred —nanraly, a substantially rising market iimhedialely prior to tho harvesting period 0!. the Northern Hemisphere, As indieaiiug tte shortn-ar,. .of available spot supplies m England,' it is very instructive to note that, (he quantity afloat for the .woek is only 2,635.000 quarters, as ,i"ainst •well over 3,000.009 for tho previous wok. Wo-suggested hst'weoh this' diminution in afloat was nilributably t-o iho of colonial aiwl ovorso.a juiijjmonfc by tho <kop of hvo months ago. An analysis of tl 10 JMpa)* of iho total confirms thnti view, Australia contributes to. the tobl only a jxiUry 5000 quarters, Jndin 21.1,000, ArsMtino fho romarhably small fotnl of 129,000 quari-ers, while the Atlantic' shipntcnls v/nrc but 79,000 quarters. Tj)/3 total available, thcroforo, wm drawn from sourc<s*of moro inunediutc supply—'Europe, oto.—".v'nicli iv>S{x>n<l moro readily to a rising: market. In the very of shipments may bo i-ead an indiop.ticn of too proliablo shortness of tho period <\F stress. Unprocc- • dfin-tiKl fhe pr<?f>ent\ position is, <vnd .H'ronrf as' it s:cms, fhtj ;cencr,il position, luk«n on ibo . proliy-bilitias of previous. years, favours trlv? view tliafc a weakening market will shortly lw recorded. At the Saino time the oxfcsnt of that weakening mav not ba great. The market, is very obviously a weather o.no, and a nerjod of favourable conditions new would hav* a decided effect/on Uio ra*}((e of values. Tho probability is' that reports far uvi\iiab!o havo not. ni tb nature of things, Ixjon .iblo to prcdiot- the actual outcome, and till some rnoasnro of accuracy in that rra|sccl; can be.-attaiiwd, tho market-must romnin susosptibln to varying impulses. Tho prioos raeorded at. Kftme ibis week for Australian wgoes have been remarkably high, !>3in;r, in .fact, in order of time,. 575, 37s Sd, 37s 6d, 38s, 38s 6d. •Miis last price was given on Thursday, but at the samo time it fe significant of the, viow wo 'tnko that, the market has practically touched its highast point for tho present, that the Australian cablegram to-day showed an easiness in prico compared with tho prco'ding week, notwithstanding tho fact that the Tlomo prioa had advanced in that period by nearly 2s per quarter. In. N<mv Zealand tho wesk oponed strongly, but there is undeniably ■a weaker and slaeker tone os t-ho vreek closes. If this movement continued and a'gradual recession of vc.lugs in-the Homo •market took plaee we should not be surprised.

11 fnu a '° uno -*7 Beorbohm write i"lhero is no particular change in the general wheat situation. The demand has bpeii quieter than in tho preceding week, ftiid prices ihav4 declined,Zdi to 6d, but ci'cepting .that •<», om or two days early snipmonta of. iCurraoheo. wheat were moro there hffii. been no pressure to sell. Theto' is some' "inquiry for white wheats 1 woU" cin tho Vay, and tho Continent is open for a few cargoss of Australian in t.his Ppsifion. at, prioss very littlo below sellers' ideas; .thwo appeal's, however, to be still no disposition to operate forward, and this applies to both the United King--dom. and Continental buyers. Willi harvest' time in several countries comparatively dloso at hand, this slate oi things is likoly to continue for some weeks longer, unless a serious deterioration in tho crop outlook should moanwMo take place. Generally speaking, propecte are still favourable; in Caawula they are described 1 as''wy satisfactory, and'in the winter wheat States of tho United States any change that lias tnken place has been for tho_ bettor, but more rain is required for spring wheat. In Russia recent wins have bwsn of great benefit whero they have fallen, but a cable received in london this morning states tliat is being dono liy groat heat in parts of tho Don and Volga regions, hvo vorv important districts!, Whilst rain, if 'it came soon, would no doubt matorially iinprovn wic ouilcok, it ninv b6 well to a?ain poini out. that it, is ■ almost impcssiblc," under tho..best of conditions, for the , Russian crop this year to be within some millioria cr quarters of last, year's, splendid yield, when Spring wheat, by far tbo most important ctop, gavo an outturn some 40 per ocjnt. above an average. Tho preliminary official estimate of the Hungarian crop 13 larger than expasted, pointing to an increase of 105 million quarters. over lastyear's unsatisfactory outturn, and, if realised, would enable that country to reconstitute stocks, and stitl be'able to export on balance, inntead of k>ing a large importer, as in tho present season. In Roumania, jiotwifchstanding spmo damage by storms, a gcod crop is oxpcctwl to be shortly harvested. This country will «rtn]iete moro strongly witli Russia in tho coming season for flio custom of Western Eixropo, as Austria-Hungary will not require DanubiaU wheat. In France crop prospects havo deteriorated, but it probably depehds on tho weather of the next month or six weeks whether or not that country becomes a serious im|»rtor later on. Tho quantity afloat experienced another sharp reduction last wwk, but 011 the other hand im[»rts wore vorv largo, causingan inciioaw> in tho United stooks from 2,200,000 quafftovs to: 2,515,000 quarters, against, 1,185,000 quartere last year, so that in this -respect the present vear compares very favourably with 1909, Shipments were below the weekly consumptive ■requirements, and promise to be again on the small side this wpek. If tho drought continues in Russia, and serious, damage be dono to tho crop, Russian shippers will cither . withdraw their offers of old crop, ov rinse their asking prices considerably, in new of the -muoli lower level of values now ruling. At the same time the actual iucroaso in tho Indian wheat crop, and the prospective large increase in the Hungarian crop, would go far to make up for tho dcercfljed outturn in Russia, and it would then depend very mticli 011 North America as to whether the world's total wheat orop this year will approach the rooord outturn of last year. Present prospects in tho United States and Canada point to a crop about- equal to lust year, but two months must elapse before" tile spring crop can be considered safe, and much may happen between now and then. Against. _,tho very important- difference in pricc- this year; compared with last, must be placed the vorv muoli larger reserves of q|<l wheat now liokl in Amorica and -compared" with this time in

Tlio Australian cablegram shows Sydney wheat standing at. lid to 4s, as against. 3s lljd to 4s last, week; Melbourne «t cs lid as against 4s, and Adelaide at 3s lid as against 3s lOd. Flour in .ill tHo centres St-tnds at £9 10s per ton. The Town and Country Journal of July 20 writes:—" Private, cablegrams mention, silos in London Ibis week jf Australian wheat cargoes (on passage) at 36s per quarter, beingr a riso of Is }M i r quarter in a few days. New York, Chicago, and Montreal report excited wheat markets, duo to 'prolonged drcuphty conditions in the north-west of Ciurada and in u-irU of the. United States. The improvement in the Canadian and United States wheat markets is reflected in London and on the Quitincnt of Europe.' Sydney lias also responded to f.1'.0 American advance I Several of the Sydney millers lmve this week been glad to obtain wheat (on direct oountrv purchase] at. eonal to 3s 9jd and 3, 9«Il per bißliel (Sydney). Occasionally the shippers buying intentions lmve' been thwarted by some of the metropolitan milIc.re outbidding, with buvin.tr orders of 3s lOd (Sydney), The 3s lOd'lms. W.wve>bcen exceptional, and fito Sydney portion is best. described as sales at*3s 9M (Sydney), with the buyers willing t.o -jo on

Somelhiug ' upou which you : can ielv— WOLFE'S SCHNAPPS.

at flwtyfiguPß. The aggregate sold at 3s 9£d has' been .considerable, but the quantity purchased (oir milling account) at 3s lOd (on trucks, Sydney) hag been small." t The Sydney Ma>il df the same dote aaxs: " The course of tho wheat market during tho week has been surprising. A weak ago it had an upward tendency, but no oire expected that it would rise to tho height ifc has dene. Moreover, though its rise was duo to the weather in America in the first place, the latest developments do not appear , to have been caused by that, Or onlv indirectly so. Private cablegrams from London- described the market there as a 1 weather' one —that th? news of short orops in some of the Amcrioa.ii States and of rartial failures in Canada (there seems to fco a tohn! failure in the Alberta provine.;-!) hp<l nii'a'd a hc~kmn« of values. T'c p'i-i' of cargoes crept vp until on rinna;!3y or Friday the cargo of the barque Jran—a wheat, iihip from South Australia.— cban'fC'j hanidi? o-t 365, or 36s Id per quarter of 4Jph. Previous to that tlio price realised for a oargo was 34s 9d, and the Buddon jump of 15H or ltd was surprising. But it. had its effect oil the local market. Oir Friday evening local buyers were feeling their way cautiously along, offering from 3s 5d to 3s 7d, ami almost afraid thoy were acting beyond proper limits by giving anything tnore. On Saturday, however, they wore prepared to pay Js M, 3s 9d, and in one caiw, it, was said. 3* 9|d; while sellers wore trying to lift the price still higher. Monday saw offers at 3s 10d, and some good parcels changed hands at that price, but- other holders preferred to sit on their stccks a-nd wait Tor etill higher quotations. The day was not one in which people cared to stir abroad very far to make sales or to secure parcels, but the telephone was used. Today • is a second edition of yesterday—porha.ps not quite as Stormy, hut dceidodly . unpleasant—and trade is restricted by it. Tile-position, however, sc-ems to be that buyers who purchased wlwat a few woAs a,go bsforo tlw heavy fall in London, and who probably looked up;in Heavy looses as inevitable, now see that tlioro is a possibility of.seeing a great portion of their money back,' aid are Mutant to wait until thoy can recoup fhsmeclvcs. The Railway Commissioners have, however, told tho farmers ■and those who have wheat stacked at railnay stations that they had better hurry up and get their grain to the seaboard, lieeait-o when the wool season opens in earnest all the tmcks will bo rajuirod for wool, n3wl.it will receive preferential treatment over wheat. To-day's quotations ttwge from 3s lOd for farmers' lots to 3s IOJd for parcels, with little .or nothing offering" •

_ Locally, the wheat position commenced tho wit rory strongly, and millore were Iwavy buyers at good prices. Thc,v seoro,however, (,o have ftlkd their requirements, and towards tho oliw of the iiericd their r.ctivity practically c?ar,ed A factor which canoed a little animation ii! Hw> market was (ho reduction of Homo freight rates, which oro now 17s 6d for oats and 15ti for wheat. A reduction is always made about this Mason of Urn year, but it has como earlier thaii usual this time. Owing, to this reduction some - chipping business has'.been on-ler.-.d upon for inferior quality grain. A feature o( the inquiry, however, is that the rtaroa-nd is for immediate shipment, gomo nuantities have been negotiated for and shipment effected. Millers have been assiduous buyers of velvet, though farmers have taken rare to sec that, thoy paid heavily for it. For red wheat the price remains firm, the level being 33 8d landed ill Dunedin. Some quantities are held for sale at, 3s 9d, but millers show no inclination to go to that figure. The prico at which velvet, wheat is changing hands is from 4s t-o 4s oJ.fl landed in Duticdin. Some growers in the Oamaru district are holding for 3s lid and 4s on trucks. It ia to be noted in regard to the general wheat market that though the English prices may osed a little the offset on local rates may .not. be pronounced', New Zealand seems to occupy a markedly domestic position, especially in relation to high grade wheats, the prices of which bar shipment. The price of wheat is at present much above parity of Ihs pricc of flour, although in regard to the latter thews seems littlo prospect of a readjustment while the broach in the milling ranks still lasts. Prices eloso on a qiiiot, but expectant market at 3s Bd' and 4s_ for Tuscan and.velvet respectively—practically last, week's figures. Tho tariff of the Flourmillere' Association for flour and other lines is as follows: Flour—Sacks, £9 ss; 1001b bags. £9 15s; 501b ■ba'Sps, £10; 2511> bags. £10 ss. Oatrrtoal, £11 10s per ton, ' Pearl barley. £14 per ton. Bran, £3 15s per ton. Pollard, £5 per ton. '

The demand for-oats i 6 very quiet, and prios6 still remain firm, so business .is practically nil. ~'Th« farmers dominate the market through their reluctance to sell. Tlw redaction, in fwights has induced an effort to do business with' England-, and, as a matter of fact, a few thousand sacks have boen loaded. Tho point is being approached at which shipment would be negotiable. The grain sold was at 2s, f.0.h., sacks in. which brines the London prico to about 19s. This is ft.il! alx>ve tho level at which extensive business can be done, and it is problematical whether, in the short time now available before the incoming crops in the Northern Hemisphere are harvectod, much grain will be sent from New Zealand. A little may go forward in tho slack season till the loading of wool commenoes. In the meantime the position U very - quiet, and prioes remain as they were:—A grade Gar tons, 2s Id (f.0.b., sncks in); B srade Gartons, Oi-tl; A erad l * sra crowbills, 9r- O^cl: B - grade,, ?s. The Island is etill very ouiet—in fact offers have, been received to sell back. ' .

The 1-vt K»ue of " Brwrbohm," June 17, snvs this of tho London oat market:— "Th>3 imports last week were 149,400 miar■tens, againrt 164.200 onarters the previous week n,nd 119,000 quarters last, year, n».kin<r the total imported Jsf. August, quarters, rgainst. 4,477,000 oujirters in the previous year. The demand for I,a Plata [vus been nruch nuietor this w»ek, but theTA i-^ i hardly any c.han<ro in prices comr*>rcd with a w'eek afloat to London sold' at Ws Sd: in othsr descriptions also is little doing at about previoiis price ß . Mark Lane on' Monday was quiet, and prioes lower to a.r-1 at. Liverpool on Tneeday also trade was slow. Glasgow on Wednesday was quiet, with the turn in prioes against sellers whilst Bristol yesterday was unchanged, In Ilunjary tho crop docs not liro'niso np-irlv so well as le-sfc yar, tho preliminary official iwrt estimating tlm nro»-flhle yield at f1.600,000 fluartore. against 9,700.000 nua-'-ters last year. th» final figures, ind 7..m000 quarters in 1908. In the TTnitod FinHom the weather has continued favour,'>blo for growin" crop. Latest oablfß from Amerioi state that cmn prospects ".re very.promising, and 1 tKit the crop mnking rapid-nrogress towards maturity. Tn Germany, owiiw; to fears of damage io tho- growing crop bv the vsrv hot. weathor orsvs, ijing for some time past, the tone for this 'article is stoad*, esoeeiaHv for d-s----t*.nt positions. At, Hamburg fine wHto Pomeraninn oate hold for 58" to IPs M per 3261b, c.i.f., East Coast of ; Fmglaod. fi"omi!R«n reports a tetter demand at 3d advan°e. Shipments last weel- shewed a fair incvear-e. anwinting io 2)6,700 quarters, against 1'6.00f) nnarters in tho previous week, and ?.43.000 nuarters last year. From North Rn«ia they will now continue on a fair scale." PRODUCE REPORT. A continued Ilrrnnoss is apparent in tho oaso of potatoes, and prices havo advanced 5s and over per ton. A rise has also taken place in tho prico of onions, which now rule at from £4 10s to £5. Eggs cont.inuo firm, though better supplies are expected wit.)i improved weather. Current prioes are as follow:— Chaff.—Prime oaten sheaf, £3- 17s 6d to £4;. medium to good, £3 5s to £3 10s; inferior, £2 101 and upwards per ton (ex truck).

Straw.—Oaten, 30s; wheaten, 25s per toil. Hay, £2 10s to £2 15s per ton. Potatoes'.—Prime Up-to-Datos, £6 10s to £5 15s; medium to good, £5 15s to £6 ss; inferior. £4 15s and upwards per ton. Onions.—Prime Canterbury?, in centals, £4 10s to £5 per ton (ex store).. Eggs —Fresh. Is 8d; stamped, Is 104. Buttor.—Brisk demand: supplies coming forward slowly. Dairy, 9d to 9Jd per lb; U'lllcd, lOd; separator, in ill) pats. lid. Pigs.-Bpconers, 3Jd per lb; porkws. 4(1. Bacon.—Rolls, sd; lionoless liatus, sides, 6Jd; hams, under 201b, 8d per lb; pork Germans, in 141b tins, four tins to case, 5d per lb. FRUIT REPORT. A quiet week Ims been experienced, and at the time of writing what activity is apparent is displayed in connection with Sydney fruits, consequent upon the floods boitlg' experienced in Australian districts, 10-morrow (Saturday) (here is due to arrive a shipment- of 2000 casca of Tahiti oranges and 200 cases of bananas. From rlobart there came forward some lino quality apples and pear?, the latter of wllioh malisM ceod pricw. Vegetables oontinue !o command excellent priecs. Mandarins arc in good <!omnnd. Pricos ruling' are as follow Oranges.—Market bare; supplies due. bananas.—Market fiuitc tare. Lemons.—Moderately supplied. South Australian. 10s; Sydney, 5s to ss; Mildura, 8s 6d to 10s. Apples. —• Hotter supplies forward, toosers. 3s od to fe 6d per case—equal to I4U to 64(1, uGSaCrt, 4s to 3s j extra ctioicc, up to 9s 6d. . Tasmanian Scarlets, 7s 9d to 10s; Sturmere, 7s 6d to 8s; crabs, Bs.

Pears.—Market • very barely supplied, Hobart Golden Buon'e, 7s 9d per box. Mandarins.—Sydney packets, 8s to 10s; girts, 12s to 14s per o&so. Passions, 6s to Bs. Knc«. Ss to 10s. _ Tomatoes.—Local hothouse, 9d; green, 3d per lb. Vegetables.—ln . short supply. 1 Cabbages, from 4s to' 10s per sack; loose, 4s to 6s per -dozen. Cauliflowers, 7b to 9s 6:1 per sack; choice, from 4s to 8s pet dozen. Beetroot. 6d per dozen. Horseradish, Id- to 2d lx:r lb. Vegetable marrow, 5s to 7s per sack. Pumpkins, 4s per sack. Celery, Is to Is 9d per bundle. Honey.—Clioioe. 4d to per lb; lOlh tins, 3s 3d to M 6d; choice sections, 5e 6d to 6< 6d per dozen; medium, 3s to 4s 6d por doien; in packets, Ss 3d per dozen. P«nnuts.-Java,.2d; Jajvinren. 2jd to 3d. Walnuts.—Good demand; 6Jd to 7d per lb. Barcelona nuts, sjd to 6Jd,

CHRISTCHURCH MARKETS. (Pks tlmto) Press Association.) 'CHRISTCHURCH, July .29. There is a fair quantity of wheat offerin?, but mostly of inferior quality, for which there is no demand. There is practically no inquiry for wheat far forward shipment, as the Home crop would be on the market before such shipments could arrive. The prioES asked are generally nbevo buyers' limits, and but little grain changes hands. Prime samples of unwcathered wheat, uspscially pearl, ' commands good-prices, but of this quality offerings are | few and' far b?tweon, and !it is difficult, (o piy what the value really re. Oils show no change in demand or price. Potatoes are firmer, as the late wet weather has prevented deliveries, ami stocks in merchants' hands are getting short.